Citi cut third-quarter operating profit estimates and target prices for Samsung Electronics and SK Hynix as the won’s appreciation reduces the value of dollar-denominated revenue. Samsung’s estimate fell about 10% to 104.1 trillion won from 115.5 trillion won, while its target price declined to 430,000 won from 450,000 won. SK Hynix’s estimate was reduced to 74 trillion won from 76.7 trillion won, below FnGuide’s 78.7166 trillion won consensus, and its 2026 forecast fell to 254.2 trillion won from 261.1 trillion won. Citi lowered SK Hynix’s target to 3 million won from 3.1 million won but maintained buy ratings on both companies, saying long-term supply contracts, limited memory supply and rising memory prices support the global memory market. Citi also cited Samsung’s employee bonus commitments and weaker consumer sentiment, which could weigh on its mobile and consumer-electronics businesses. The revisions add to broader concerns about slower semiconductor profit growth, although analysts have said decelerating growth from a high base does not by itself confirm a cyclical peak.